TL;DR
- Dencun Upgrade: The Gnosis Chain has activated the Dencun upgrade, combining the Deneb and Cancun upgrades to enhance Ethereum’s scalability. It introduces Proto-Danksharding with EIP-4844, allowing for more efficient data transactions and supporting layer-2 networks.
- Ethereum’s Scalability: The upgrade is the most significant since the Ethereum merger, aiming to incorporate several Ethereum Improvement Proposals (EIPs) to expedite transactions and reduce costs for dependent layer-2 chains and rollups.
- Price Surge: Ethereum’s price has risen above $4,000, driven by market optimism for the Dencun upgrade and potential approval of an Ether ETF by the SEC. Despite a slight dip, the overall trend remains bullish with the mainnet activation scheduled for tomorrow.
Gnosis Chain has activated the Dencun upgrade. This upgrade is expected to enhance Ethereum’s blockchain scalability by supporting cheaper transactions and a layer-2 network. The Dencun upgrade is a combination of two upgrades: Deneb, the Consensus Layer upgrade, and Cancun, the Execution Layer upgrade.
The Dencun upgrade has been activated on the @gnosischain mainnet!
🐡🦉🐡
Next ➡️ Ethereum Mainnet pic.twitter.com/S6GKhfe3TX
— Gnosis Chain 🦉 (@gnosischain) March 11, 2024
The upgrade introduces Proto-Danksharding with EIP-4844, which allows transactions to carry “blobs” of data, scaling data availability of Ethereum in a simple, forwards-compatible manner. This new transaction format allows Ethereum to scale in ways previously not possible.
The Dencun upgrade is considered the most substantial enhancement to the Ethereum network since the merger. It aims to incorporate several Ethereum Improvement Proposals (EIPs), including EIP-4844. This feature is designed to enhance transaction processing by utilizing blobs, thereby expediting transactions and reducing costs for layer-2 chains and rollups dependent on Ethereum.
Ethereum’s Price Surge: Market Optimism Fueled by Dencun Upgrade
In related news, the price of Ethereum, the world’s second-largest cryptocurrency, has surged above $4,000 after the launch. This price rally seems to be fueled by anticipation surrounding Ethereum’s upcoming Dencun upgrade and the potential approval of a spot Ether exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
As of writing, ETH is down nearly 1% in the last 24 hours, trading at $4,022. However, ETH has had an amazing week, rising nearly 7%. The upward movement in Ether’s price is believed to be driven by optimism over the Dencun upgrade and institutional interest. The mainnet activation of the Dencun upgrade is scheduled for tomorrow.
This activation marks a significant milestone in the journey of Gnosis together with Ethereum. The anticipation surrounding this event has created a bullish sentiment in the market, contributing to the surge in Ethereum’s price.
In conclusion, the activation of the Dencun upgrade on the Gnosis Chain and the surge in Ethereum’s price mark significant developments in the cryptocurrency world. These events highlight the continuous efforts towards enhancing the scalability and functionality of blockchain platforms.
